Within his freshly published memoir, titled Ithaki, the former premier Alexis Tsipras does not hold back while he examines the turbulent period during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, Tsipras appointed the maverick economist Yanis Varoufakis as his treasury head mainly because of his global profile along with Varoufakis's “extremely attractive” abilities when it came to public orator.
“He was, in reality, more of a personality and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader alleges how Varoufakis possessed a personal motives that included promoting Varoufakis's publications as well as experimenting with his own theories using Greece instead of truly fighting for the country's financial survival.
He noted how the talks to avoid insolvency were “not just a way of achieving a better deal for the country. They were a test, a monumental opportunity to prove the validity of his economic theories.”
Critical Negotiations
During volatile negotiations, the country found itself perilously close to leaving the eurozone.
At stake lay both the country's future but also those severe cutbacks demanded in return for bailout funds from foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the excoriating conditions were put to a public vote, an action which threw the EU into a further crisis of identity.
Even though the vote was won resoundingly by voters against austerity, Tsipras had little option to ignore the result then agree to a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included creating a secondary currency and issuing coupons to retirees, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts that Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras also claimed that his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
This account of events has been met with anger along with shock among certain groups, while the former minister has kept a deafening silence on the matter.
